Jeff Gundlach: time to hold gold

Gold exceeded the level of $1,800 per ounce. After that, Jeffrey Gundlach, CEO of DoubleLine Capital, saw a good opportunity to buy and hold the precious metal, and began to show bullish interest.

Gundlach says that the movement in the price for gold has only been flat in the last 2.5 years. Gold showed a good result against other currencies. For now, the dollar is weakening and gold has recovered its position above its 200-day moving average. He recommends buying assets on the yellow precious metal in 2023.

According to him, the U.S. is approaching a recession in 2023, as indicated by numerous indicators, which include the Treasury yield curve. In his opinion, they also include the index of leading economic indicators, the latest information on the PMI from ISM, the sharp drop in the rate of consumer savings and the shift of consumers to credit cards.